judgments

[Lotta1951]

I owe a credit card compoany for two cards 0ne almost $4,000.00 and one$5,00.00. I also owe other creditors. I have offered this on $40.00 a month until I can go through vocational rehab and get work as I am permantly physically disabled. My income is Social Security and SSI. I live on $694.00/month. My options are go through chaprter 13 bankruptcy or let them do the and ask for a slow. I have been given conflicting advice from two attorneys. My single wide mobile home is on 1 acre of land. On 4/2008 I did a Quit Claim Deed with Life Estate to my of age son. I was told the value which according to tax records is $19,000.00. I could not get that today. This is held against me in bankrupcy court exempt $5,000.00. So my payments on the $15,000.00 iI owe will be about $120.00/month.
If it goes to jugement one lawyer says they can only attach on my interest and when I die the lien will go away. The other lawyer says it stays against the property if he ever goes to sell after I die. Which way is it? Please help me!

 

[jharris352]

What you did is likely called a "fraudulent conveyance." Which means you deeded it away for nothing to protect it from creditors. A bankruptcy judge or any judge can undo that transaction if they find you did it to avoid paying a debt. The Judge can only go back so far, like 1 year-3 years depending on the jurisdiction. If they do it right they will have first lien on the property and can actually seize it and sell it now. You need an attorney if they sue you to protect your interests. Don't go at this alone. Good luck.

 

[Lotta1951]

I am looking to file a chapter 13 so I can pay my bills. I just can't pay this one as the intended wants. Do they usually work with your income and sre some incomes too small that they will not work with you?

 

[mightymoose]

Usually as long as your are paying you will be fine... you might not be paying as much as they like, but you are acknowledging the debt and making regular payments. Send them what you can afford.